Immunocore Holdings plc

For full-year 2025, Immunocore reported $400 million in net revenue from KIMTRAK, up over 29% from the prior year; management later described normalized underlying growth of around 20% after rebate reserve effects. The company said KIMTRAK had mean duration of therapy of 14 months, was approved in 39 countries and launched in 30 markets, and had over 70% penetration across major markets. Cash and marketable securities were about $864 million at year-end, more than $40 million higher than last year. Looking ahead to 2026, management expects KIMTRAK revenue growth to moderate from recent 4% to 7% sequential quarterly growth, R&D to increase modestly year over year, and SG&A to rise only incrementally.

Bahija Jallal framed 2025 as a year of consistent execution and said Immunocore is evolving from a single-product story into a commercial-stage biotech with a validated platform and multiple pipeline shots. She highlighted the potential to expand KIMTRAK into new melanoma settings and said the company is also advancing programs in ovarian, lung, colorectal, GI cancers, HIV, hepatitis B, and autoimmune disease. Her tone was confident and forward-looking, emphasizing that 2026 will be a year of data and continued progress.

Travis Coy said 2025 revenue strength was driven by volume growth across the U.S., Europe, and international regions, but he expects growth to slow as KIMTRAK enters its fifth year and reaches significant penetration in major markets. He noted 2025 R&D spending rose mainly because of the three Phase 3 trials and early autoimmune work, and said 2026 R&D should increase modestly, at a slower rate than in 2025. SG&A was described as marginally higher in 2025 and expected to rise only incrementally in 2026, while cash and marketable securities ended at $864 million, more than $40 million above last year.

Analysts focused on TEBE-AM enrollment mix, control-arm assumptions, and whether the monotherapy arm or the KIMTRAK plus pembrolizumab arm might perform better. Management said most TEBE-AM enrollment is from Europe, about 10% to 15% from the U.S., and that neither management nor the IDMC had looked at mono-versus-combo data; the seamless Phase 2/3 design was changed based on enrollment metrics only, saving about one year. Questions also centered on KIMTRAK pricing and competitive positioning in cutaneous melanoma, where management argued an OS endpoint, off-the-shelf delivery, and familiar safety profile support the franchise. On brenetafusp, management said ovarian and lung updates later this year will be judged on the totality of safety and early activity data, while the PRAME half-life–extended program should help determine which molecule to carry forward.